Originally Posted by
JudasJimmy
Once the money gets registered for TFSA, you can never contribute that amount again. It's a one time deal
Once you take it out, you basically forfeit the TFSA contribution and wasted an opportunity to invest money and not get taxed on any profits. That's the pitfall. I'm sure the government would be more then happy you took the money out.
It takes money to make money. If you have no money in TFSA, you won't be able to make a lot of tax free money.
For example. you put 50k on MEG. it goes from 5 points to 10 points in 2 years. you now have 50k tax free to spend as you like (or reinvest within the TFSA). you don't have to claim it as income. It's not just a savings account, it's an opportunity you should take advantage of.